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Tag Archives: Blodwen Street

Blodwen St Finding an Agent

Agent didn’t live up to their promise, so we are getting a new agent at the end of the short leash we gave the old agent. Strategy and Update.

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Blodwen st construction ends

We have finished construction of our first flip project and it is now on the market. We have selected an agent, and it is now listed on Zoopla.

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Blodwen St Bathroom

Choosing the right bathroom materials is always fun and interesting, especially for the different needs that you have for a property, the likely end user.

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Blodwen Street property with Kitchen written on it

Our search for a kitchen supplier and also the way we work with materials has found a home with LNPG and Magnet Trade that we will work with for all future

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Blodwen St construction starts

Join us on our journey as we start the renovation and construction of Blodwen Street. The aim is to do a quick reno then rent or flip it on.

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Gwendoline St with "finding a builder" written on it

Today we visited the work sites of two of the builders we are getting quotes from, to understand their work method, see them in their own environment, and understand likely costs of works based on their existing/ past jobs. We are still waiting for quotes, but based on the type of work we have seen we are quite certain about one of the builders being the one we work with.  In traditional blog style, I will change names to Bob and Paul. Bob came on site, and did an inspection, wrote a few notes, but didn’t give me a lot of confidence that his price was going to be completely fixed. He did not ask enough questions like “how would you like that done” etc so I am expecting to have at least a 10% overshoot on his quote. Paul on the other hand did a full work up of…

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Piles of £1 coins with monopoly houses on top

We are using 2 of our properties to secure a 64% LTV bridging loan with a commercial lender called Together Finance.  We want to start relationships with the bridge loan companies and banks, and prove our capital adequacy and credit worthiness.  So for now, we will pay the large interest rate (detailed below) and set up fees to get this reputation in place. {back to public} The deal is taking longer than we would like due to a few things. Company borrower: Firstly if the borrower is a company as opposed to an individual, your legal costs could more than double.  Lesson in this is to borrow in your own name if you can. Unfortunately in our case, changing the borrower to us as individuals caused confusion as the lender’s solicitor did not reissue all the documents, and expected our solicitor to figure out which documents from the original set…

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words "New Investor!" over a picture of gwendoline st with 2 inset properties

Bringing on a joint venture partner is a lot of work.  It is really rewarding and incredibly satisfying to build a new relationship with a relative stranger to the point of money exchanging hands.  The trust that you are taking on is a big responsibility, and we appreciate the trust that our investors have put into us to make a good return for them, but also to communicate and deliver, which we are doing. We are in the middle of the Invest 1 Venture, having purchased 2 of the properties, with a 3rd in the pipeline for this group, so overall it is late in the game to join this group. Earlier investors will be compensated according to their time invested with returns being time adjusted. Project update: We are awaiting a flood report on Gwendoline Street to determine if we can convert the rooms on the ground floor into…

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Blodwen St property with before written on the picture

Here are some photos of the state in which we received the property before we started work on it.

sad day

It has been a disappointing day today.  One of our first to commit major investors has had to temporarily pull the plug as their funds are caught up in administrative and bureaucratic nightmares in the US. 🙁 As an unfortunate as this is, it also provides an opportunity for us to send this deal off to some of our potential JV partners, giving them an option for an investment level that suits their budget. We split the £40k investment into 4 x £10k dropping the minimum investment level from £20k to £10k to meet the needs of a couple of investors we know of, and also raise the funds quickly as this delay is hurting the overall position at the moment. We have essentially personally bridged their £40k and cannot continue on one of our own projects until this is sorted out, and our funds into the other project are…

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